Analysts cut growth outlook for PHL M
FLOWING KNOWLEDGE TO CLASSROOMS From left: Marlon Marquez, School
Governance and Operations Division Education Program Supervisor of the Department of Education (DepEd) Division of Rizal; Arnold Jether Mortera, Chief Operating Officer for East Zone of Manila Water Company; and Rodrigo Rodriguez Jr. of the DepEd Division of Antipolo City formalize a partnership to expand the Salin: Lakbayan para sa mga Guro Program during a signing ceremony held in celebration of World Water Day. The initiative engages public school teachers as advocates of water stewardship through immersive learning experiences at Manila Water facilities, aiming to strengthen environmental awareness and sustainability education in communities across Rizal and Antipolo. NONOY LACZA
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OODY’S Analytics slashed growth forecasts for the Philippines for 2026 and 2027 after a “weakerthan-expected” economic expansion in 2025. Maybank Investment Banking Group also trimmed its GDP growth forecast for the Philippines in 2026 to 4.5 percent, 0.4 percentage points lower than its earlier projection of 4.9 percent. “We have trimmed our growth forecasts slightly from the February baseline, lowering 2026 to 4.9 percent from 5.1 percent and 2027 to 5.2 percent from 5.4 percent,
while keeping 2028 unchanged,” Sarah Tan, Assistant DirectorEconomist at Moody’s Analytics said in an e-mail. “The revision reflects a reassessment of domestic momentum after weaker-than-expected expansion in 2025, rather than any major change in our geopolitical assumptions,” Tan added. Moody’s Analytics’ revised growth forecast of 4.9 percent for this year is slightly below the government’s target of 5 percent to 6 percent for 2026. In its baseline scenario, Moody’s Analytics assumes the Middle
East conflict “remains contained and ends soon.” As such, Tan said the direct impact on Philippine growth should be limited. However, the Moody’s economist pointed out that the external environment remains uncertain, as volatile trade policies make the business environment “harder to navigate and force exporters to contend with prolonged uncertainty.” “This points to a more fragile global trade backdrop, which could weigh on exports and business confidence,” added Tan.
At the same time, the Moody’s economist said domestic demand is expected to be “softer than previously assumed.” Private investment, meanwhile, could benefit from the lagged effects of monetary policy easing in 2025, but Tan said sentiment is likely to remain cautious amid ongoing corruption controversies, which may delay project execution and investment decisions. “The government’s lower infrastructure spending target, now around 4.3 pecent of GDP compared with the earlier planned 5.1 See “Growth,” A2
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PESO HITS NEW RECORD LOW AS CRISIS DEEPENS www.businessmirror.com.ph
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Tuesday, March 24, 2026 Vol. 21 No. 163
P25.00 nationwide | 2 sections 20 pages | 7 DAYS A WEEK
By Andrea E. San Juan @andreasanjuan
HE Philippine peso plunged to a new record low of P60.30 against the greenback on Monday as “war rhetoric” by the United States and Iran intensified. Data from the Bankers’ Association of the Philippines (BAP) showed the peso closed at P60.30 per $1 on Monday, 20 centavos weaker than its previous finish of P60.10 on Thursday. Analysts still attributed the
weakening of the local currency to the escalating tensions in the Middle East. Rizal Commercial Banking Corp. chief economist Michael L. Ricafort said the peso closed at See “Peso,” A2
NEW FARM TOURISM PLAN TARGETS HIGHER INCOMES FOR FARMERS By Ma. Stella F. Arnaldo Special to the BusinessMirror
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ESPITE the continued decline of the agriculture sector, three government agencies believe agricultural tourism can give farmers an alternative income stream that not just promotes their farms and produce, but also enables tourists to learn about the Philippines’s agricultural heritage and unique food and dining opportunities. Ten years after the promulgation of the Farm Tourism Development Act of 2016 (Republic Act No. 10816), the Departments of Tourism, Agricul-
ture, and Trade and Industry are rolling out a Farm Tourism Strategic Action Plan for 2026-2031, a copy of which was shared with the BusinessMirror. “By 2031, the Philippines will be at the forefront of a sustainable and resilient farm tourism industry that champions the unique Filipino identity and provides equitable benefits for all, especially farm and fisherfolk communities,” is the main vision of the Plan. In marketing the Philippines as a farm tourism destination, the agencies are capitalizing on the global trend where tourists look for authentic experiences See “Tourism,” A2
FIREPOWER Civil Aviation Authority of the Philippines Director General Raul del Rosario (left) shares a light moment with US Embassy in the Philippines Senior Commercial Officer Paul Taylor during the blessing of the first batch of eight high-tech Oshkosh 6×6 Aircraft Rescue and Firefighting (ARFF) vehicles in Pasay City on Monday. The P708-million fleet upgrade—procured from the United States under the 2024 national budget—forms part of CAAP’s ongoing modernization program to strengthen airport emergency response nationwide. Each unit is equipped with a 12,500-liter water tank, 1,750 liters of firefighting foam, and 250 kilograms of dry chemical powder, and will be deployed to key regional airports, including Laoag, Puerto Princesa, and General Santos. The initiative marks a continuing push to enhance aviation safety standards, alongside infrastructure upgrades and sustainability projects within the CAAP compound. NONIE REYES
Marcos orders creation of crisis committee By Samuel P. Medenilla
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CURRENT FIX A lineman from Manila Electric Company (Meralco) repairs electrical lines as scheduled maintenance works prompt power interruptions in parts of Metro Manila and nearby provinces, including Bulacan, Cavite, and Laguna this week. Meralco said Sunday, March 22, 2026, that the temporary outages are part of ongoing upgrades and preventive maintenance aimed at improving grid reliability and ensuring stable electricity service amid rising demand. ROY DOMINGO
@sam_medenilla
S the armed conflict in the Middle East entered its third week, President Ferdinand Marcos Jr. ordered the creation of a new committee that will ensure that the country will not have a fuel shortage. In a press briefing at the Villamor Airbase in Pasay City last Monday, Palace Press Officer Claire Castro said the chief executive issued the directive even before it was recently suggested by some groups. “The President had already officially ordered the creation of a crisis committee, so let’s just wait for the document [for its creation]. It’s already being finalized,” she said in Filipino. One of the committee’s functions is to find ways to prevent a disruption in the country’s oil and fuel
supply and other needs of the public amid the Middle East conflict. Local pump prices soared after the United States and Israel attacked Iran. The tension in the region resulted in a disruption in the passage of ships carrying oil from the Middle East at the Strait of Hormuz. Castro declined to give additional details about the name and members of the committee until its formation is finalized.
Price surges
THE Palace Press Officer undersecretary stressed that while the country was still not in a “crisis” in terms of oil supply as of last Monday, it was already facing significant challenges in terms of keeping fuel affordable. Over the weekend, the Department of Energy (DOE) said the country still has sufficient supply
of fuel to last until next month. However, it noted the country’s fuel supplies may be depleted after 50 to 60 days. Marcos said the government is now engaging India, China, Japan, Thailand, Brunei, and South Korea for a possible oil supply arrangement as an alternative to its traditional suppliers in the Middle East. As for fuel prices, Castro said the President has yet to sign the bill, which will grant him special powers to adjust or suspend the excise tax for petroleum products, which can help bring down its price. “The President wants it to be enforced immediately. The only reason that he could not do it, is because the bill has not reached the President, as of now,” she said.
Indefinite suspension
STARTING Tuesday, DOE said the
increase in the prices for the following petroleum products will take effect: gasoline by P6.47 per liter; diesel prices by P11.88 per liter; and kerosene by P13.66 per liter. The government, Castro said, cannot compel oil firms to sell their old stocks based on its procurement cost before the Middle East crisis due to Republic Act No. 8479 or the Oil Deregulation Act. “The only thing the government—the DOE—can regulate is if they violate the benchmark [for the price increase],” Castro said. The surge in oil prices has prompted the Land Transportation Franchising and Regulatory Board (LTFRB) to approve the fare hike for land public utility vehicles (PUV) last week. However, Marcos ordered the See “Crisis,” A12
PESO EXCHANGE RATES n US 60.1290 n JAPAN 0.3775 n UK 80.0437 n HK 7.6776 n CHINA 8.7081 n SINGAPORE 46.9025 n AUSTRALIA 42.0482 n EU 69.4249 n KOREA 0.0400 n SAUDI ARABIA 16.0148 Source: BSP (March 23, 2026)